The Arrow DWA Tactical Fund may not be suitable for all investors. The fund may invest in commodity-related securities, which may be subject to greater volatility than investments in traditional securities. The fund may invest in international and emerging market securities, which may be subject to special risks including fluctuations in currency, government regulation, differences in accounting standards and liquidity. Investing in small-cap securities may have special risks, including wider variations in earnings and business prospects than larger, more stablished companies. The fund may invest in real estate-related securities, which may be subject to mortgage-related risks and real estate market fluctuations. The fund may invest in fixed income securities, which are subject to risks including interest rate, credit and inflation. The maximum sales charge for Class A is 5.75%. Class A investors may be eligible for a reduction in sales charges. The Fund charges a fee of 1.00% on redemptions of shares held less than 30 days. The maximum sales charge for Class A is 5.75%. Class A investors may be eligible for a reduction in sales charges. The Fund charges a fee of 1.00% on redemptions of shares held less than 30 days.

AD-100416

Investment StrategySeeks long term capital appreciation with capital preservation as a secondary objective. The Fund seeks to achieve its investment objective by implementing a proprietary Relative Strength (RS) Global Macro model developed by Dorsey Wright & Associates (DWA).

Based on the technical analysis and relative strength expertise of:

Fund Highlights

Provides access to a tactical global macro strategy using long and inverse exposure to U.S. and international stocks with global exposure to fixed income, commodities and currencies

Multiple Global Macro StrategiesWith fewer constraints, Global Macro strategies are able to pursue a targeted investing style. The goal of the Fund is to systematically identify and provide exposure to leading global market strategies. The following table highlights the global macro strategies that are monitored within the three market segments.

Equities

Fixed Income

Alternatives

U.S. Style Rotation

U.S. Sector Rotation

International Rotation

Global Dividend

Global Alpha

Global Inverse

Global Inflation

U.S. Treasury Rotation

Global Income

Commodity Rotation

Currency Rotation

Global REIT

The fund may use futures to provide exposure to these strategies.

Response for Changing Market ConditionsThe Fund invests in various asset classes and market segments exhibiting positive relative strength. In essence, the global macro model works by reallocating to various market segments in response to the changing patterns of returns available in the global markets. The table below shows the Fund's three market segments, a description of the strategy exposure and the potential allocation ranges for each.

Market Segment

Description

Min

Max

Equities

Provides long/short exposure to domestic, international and emerging market equities. Short (or inverse) exposure will generally not exceed an allocation of 30%.

0%

100%

Fixed Income

Provides exposure to domestic, international, and emerging fixed income markets, including corporate, government, and agency bonds.

0%

100%

Alternatives

Includes global exposure to real estate, currencies, and commodities. Allocations will generally not exceed 30% for each of these individual alternative strategies.

0%

90%

Portfolio of Exchange Traded FundsThe Fund will seek to implement its strategies by investing primarily in exchange traded funds, an efficient and effective investment designed to closely track the composition, performance and yield of an underlying index. ETFs typically provide exposure to different market segments by investing in a diverse "basket" of stocks, bonds, or commodities. ETFs are listed and traded on U.S. stock exchanges. Simply put, they trade like stocks and act like index funds.

Like stocks, ETFs are:

Like mutual funds, ETFs are:

 Liquid  Flexible Easy to trade

 Baskets of securities or instruments Representative of different asset classes and investing styles

Like index funds, they provide:

Unlike mutual funds, ETFs are not:

 Diversification Market tracking Low Expenses

 Subject to a manager's impact Subject to style drift

ETF's are subject to risks similar to those of stocks and may not be suitable for all investors. ETF values will fluctuate and their price or value may rise or fall. Accordingly, an investor may receive back less than originally invested.

Before investing, please read the prospectus and shareholder reports to learn about the investment strategy and potential risks. Mutual fund investing involves risk including loss of principal. An investor should also consider the investment objective, charges, expenses, and risk carefully before investing. This and other information is contained in the prospectus, which can be obtained by calling 1-877-277-6933 or by clicking here. Please read the prospectus carefully before investing. Arrow Funds are distributed by Archer Distributors, LLC (member FINRA).